Buy to Let Mortgages

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Buy to Let Mortgages

Postby Z3girl » Thu Nov 01, 2007 11:00 am

This is not urgent or anything, but I was just wondering in anyone could give me any advice on the above!

Thank you!!! :D
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Re: Buy to Let Mortgages

Postby retrochav » Fri Nov 02, 2007 10:43 pm

Not being totally aware of what you want to know i can only give basic advice. Buy to let literally means as it says - you buy a home (or likely get a mortgage on it) and rent it out to someone. Ideally the rent covers the mortgage and you make some profit. Ideally after 25 years someone has paid for the property for you! Ideal???

Buy to let mortgages are usually offered on the strength of you having an existing home(s). The reason being that you have proved yourself a worthwhile risk!

Buy to let often has many rules in place, because the home could loose value if wrecked by tennants! Also becomming a landlord is a business in itself. Assured Shorthold Tennancies (which is what all private sector lets tend to be) offer flexibility to landlords, but a court order may still be needed if a tennant refuses to leave, or pay rent. In theory the court costs are payable by the tennant - but the landlord has to pay the up front court fees. Additionally, tax is levied on the income made from renting if you earn over a threshold.

If you want specific information the Council of Mortgage Lenders could probably help further
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Postby Z3girl » Sun Nov 04, 2007 11:12 am

Many Thanks Retrochav for your advice. :D

I will get in touch with the concil of mortgage lenders - Thats a very good idea....Also I have been searching the net for information and spoke to Llyods TSB who were quite helpful.... :)

Thanks again for your reply!!!x
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